Nigeria has seen a significant increase in revenue from Company Income Tax (CIT) and Value Added Tax (VAT) in the fourth quarter of 2023, reaching a total of N2.33 trillion. This marks a substantial growth from the N2.024 trillion recorded in the previous quarter, according to data released by the National Bureau of Statistics.
The report highlights that local payments for CIT and VAT amounted to N1.163.93 trillion, while foreign payments reached N922.37 billion during the same period. Key sectors such as Manufacturing, Information and Communication, Finance and Insurance activities, and Mining and Quarrying played a crucial role in driving this revenue growth in Q4, 2023.
This positive trend in revenue generation reflects the resilience and strength of Nigeria’s economy, showcasing the contributions of various sectors towards sustainable growth. As the country continues to navigate through economic challenges, the increase in tax revenue serves as a promising indicator of progress and stability.
The data underscores the importance of effective tax policies and compliance measures in enhancing government revenue and supporting essential services and infrastructure development. With a focus on promoting transparency and accountability, Nigeria is poised to further harness its economic potential and create opportunities for growth and prosperity.
As we look towards the future, it is essential for stakeholders to collaborate and innovate in driving sustainable economic development. By leveraging the insights from this report and building on the momentum of revenue growth, Nigeria can pave the way for a more prosperous and inclusive society for all its citizens.
